EURO BUYERS RETREATING

The EURUSD remains contained below the 1.1166 resistance level, with euro dip buyers so far managing to cause only minor bounces in the single currency during the European session.

At present, the main driver of weakness in the EURUSD appears to be U.S dollar strength, with demand picking up for the U.S currency after FOMC member William Dudley yesterday noting the U.S economy remains strong, re-iterating Janet Yellen's stance from last Wednesday's policy meeting.

Technically the EURUSD still remains bearish on all time frame, however, the pair is still unable to break below the former weekly low at 1.1132.

Once clearly below the H4 time frame 50 period moving average at 1.1090, further intraday losses starts to open up for the EURUSD. The pair can then target towards the 100 week moving average at 1.0998, with relatively little technical support below 1.1090.